VARbuzz: Housing inventory down nationwide: Pro Teck
Good and bad news for Virginia in the latest Home Value Forecast from real estate valuation company Pro Teck.
Housing inventory across the country is down significantly in May — 21% below 2011, in fact. (It based this on “numerous data sources including public records, local market MLS and general economic data.”)
In fact, in every CBSA — Core Based Statistical Area — inventory was down, except Philadelphia. (Which makes sense, as who wants to live in Eagles territory?)
The Washington, D.C., metro area saw inventory drop about 28% on the Maryland side, and about 15% on the Virginia side, while the Norfolk-Virginia Beach area saw about a 23% inventory drop.
There are just over six months of remaining inventory nationwide, down from more than 10 month’s worth in 2008 — the D.C. area has even less, while both Norfolk-Virginia Beach and Richmond are about average.
The company also gives broad ranks to the nation’s single-family markets based on a variety of indicators (sales, prices, inventory, etc.).
Tops in the nation: the Boise, Idaho, and Dallas areas.
Bottoms: the Winston-Salem and Virginia Beach-Norfolk areas.
The report is chock full of other information, and it’s worth a look. Click here to do just that.